|
Eligibility:
U.S. Citizens and Permanent Residents
Eligible to apply for all programs outlined on this page (except
TAP*):
*TAP - Tuition Assistance Program (you must be a New York resident
to apply for the TAP Program)
Eligibility: International Students
Eligible to apply for Manhattan School of Music Scholarship/President's
Award.
All international students must be prepared to meet the costs
of education and living expenses in this country with personal or
family funds, as it is unlikely that any scholarship and/or loans
for which you may be eligible will be enough to cover all expenses
associated with your cost of education.
Institutional Aid:
Manhattan School of Music Scholarship
We award scholarship to approximately 40% of its full-time enrolled
students. Manhattan School of Music Scholarship is awarded by our
Scholarship Committee and is based upon recommendations from faculty
at entrance auditions, analysis of family income and assets, and
the academic performance of the student. Renewal of Manhattan School
of Music Scholarship is based on criteria as determined by the school.
President's Award
The President's Award is awarded on the same basis as above to
no-need, high-merit students. Awards are renewable based on criteria
as determined by the school.
Federal Aid Programs:
Federal Pell Grant
Pell Grants are funded by the federal government and are designed
to provide financial assistance to undergraduate students with exceptional
financial need pursuing their first undergraduate degree. The EFC
(Expected Family Contribution) found on the student aid Report (SAR)
determines the amount of the award.
Federal Supplemental Educational Opportunity
Grant (SEOG)
SEOG awards are provided by federal and institutional funds and
are restricted to undergraduate students with exceptional financial
need. Pell Grant recipients have first priority. Awards can range
from $100 to $4,000 per year and are dependent on the allocation
the school receives from the federal government. Typically, awards
range from $500 to $2,000 at Manhattan School of Music.
Federal Work-Study Program
The Federal Work-Study Program (FWS) provides jobs for students
with demonstrated financial need, allowing them to earn money to
assist with personal and living expenses. Students are paid bimonthly
for work performed on an hourly basis. Individual awards are dependent
upon total allocation from the federal government but are generally
about $1,500. A Work-Study directory listing all available positions
is compiled by the Office of Financial Aid and is available in early
September. Reconsideration forms are available at the end of September
to redirect any Work-Study funds that may become available due to
students who have declined their award.
Federal Perkins Loan
The Federal Perkins Loan is a low-interest (5%) loan for undergraduate
and graduate students with exceptional financial need. The maximum
annual award is $4,000. Manhattan School of Music is the lender
of the funds. The number and amount of the award depend on the collection
activity (former students repaying their loans) of the previous
year.
Federal Education Loans:
Federal Stafford Loan
Stafford Loans are either subsidized or unsubsidized. A Subsidized
Stafford Loan is awarded on the basis of financial need. Principal
and interest are deferred as long as a student maintains at least
half-time enrollment. Unsubsidized Stafford Loans are awarded to
students who are not eligible for need-based loans. Unsubsidized
loan interest payments accrue while the student is enrolled, and
it is the responsibility of the student to either pay the interest
quarterly or capitalize (defer) the interest. Students accepting
their Stafford Loan(s) on their award letter will have their loan
data electronically transmitted to our guarantor. A promissory note
will be completed on-line. When our guarantor receives your completed
promissory note, your loan will be set for disbursement on dates
established by Manhattan School of Music. Your funds will be electronically
transmitted to Manhattan School of Music and will be applied to
your account within three business days. All loans will be processed
using the student loan lender of your choice. Please visit
our Preferred Lender List at the bottom of this page to begin the
application process. If you have borrowed student loans
previously, we recommend you continue to use your original lender.
All first-time borrowers are required to complete an entrance interview
before funds can be released. Information and instructions on the
entrance interview is available at our Preferred Lender List.
Undergraduate Borrower Limits - Freshmen undergraduates may borrow
up to $3,500 per year; sophomores, up to $4,500 per year; and junior
and seniors, up to $5,500 per year. Additionally, independent undergraduates
can borrow an Unsubsidized Stafford in the following amounts: $4,000
for freshmen and sophomores and $5,000 for juniors and seniors.
Also, dependent students whose parents are denied a PLUS (Parent
Loan) are eligible for the additional unsubsidized amounts.
Graduate Borrower Limits - Graduate students may borrow up to $8,500
in Subsidized Stafford and up to $12,000 in Unsubsidized Stafford.
Graduate students who show no-need may borrow up to $20,500 in Unsubsidized
Stafford Loan.
Federal PLUS Loan
PLUS Loans are federal loans available to help parents with the
expenses of dependent undergraduate students. PLUS Loans are available
up to the cost of education minus any aid received. The maximum
amount is determined by Manhattan School of Music. A credit check
determines initial eligibility. This credit check may be performed
prior to actually applying. Parents and the Office of Financial
Aid at Manhattan School of Music will be notified of results. We
will then initiate the application process for approved applicants.
Applicants will have their loan data electronically transmitted
to our guarantor. A promissory note will be completed on-line. When
our guarantor receives your completed promissory note, your loan
will be set for disbursement on dates established by Manhattan School
of Music. Your funds will be electronically transmitted to Manhattan
School of Music and will be applied to the student's account within
three business days. If there are excess loan proceeds after all
billed charges have been satisfied, we will ask you if you want
those funds released to you, the student, or held for future charges.
All loans will be processed using your choice of a PLUS Loan lender.
Please visit our Preferred Lender List at the bottom of
this page to begin the application process. If you have
borrowed PLUS Loans previously, we recommend you continue to use
your original lender.
If you have questions regarding any of the loan programs, you may
contact Jacqueline Felder at 212-749-2802 x4462 or jfelder@msmnyc.edu.
Other Sources of Funding:
Tuition Assistance Program (TAP) - New
York State Residents Only
TAP is for both undergraduate and graduate students. By completing
the FAFSA, you will be initiating the application process. You will
receive your preprinted application directly from NYS Higher Education
Services Corporation. Once the state budget has been finalized (over
the summer), NYSHESC will notify you and Manhattan School of Music
of your eligibility. The Office of Financial Aid will add the amount
awarded to your record and notify the Bursar's Office.
Nonfederal Alternative Loans
In addition to federal loans, some parents and students inquire
about other loan funds available to meet educational costs not already
covered by financial aid. Nonfederal alternative loans are normally
credit-based loans available through lenders to help in meeting
this gap. Information about and applications for these loans are
available in our Preferred Lender List.
Preferred Lender List:
Your eligibility for loans is determined by the Office of Financial
Aid and is disclosed in your award letter. Once you have received
your financial aid award letter and have decided to borrow loans,
there are a few steps you need to complete before this process is
complete. If you plan to borrow a Federal loan (such as Stafford
or PLUS) or a private loan and have not borrowed previously, you
will need to select a lender. The lender is the institution from
which the money is actually borrowed. Please click here
for Manhattan School of Music's Preferred Lender List.
PLEASE NOTE: Students and parents are only eligible to apply for
the amount listed on the award letter. If you are interested in
changing this amount or have any questions, please contact us at
212-749-2802 x4462 or finaid@msmnyc.edu.
|
